Daily Wrap: 8/26/2011Friday, August 26, 4:48 PM ET

Stocks are off their highs, but still positive for the session, boosted by Fed Chairman Ben Bernanke's positive comments fir the long term economic situation. Although the Fed chief did not announce any immediate Fed action, he said intervention is possible in the future. By the end of the day, the Dow was up over 1%, the S&P was up just over 1.4% and the Nassaq was higher by almost 2-1/2%.

Traders also digested some weaker than expected economic data this morning. The Commerce Department said the nations GDP rose just 1%. That's down from it's previous estimate of 1.3%.

Among individual stocks adding to the rally today - Pandora (NYSE:P). Those shares were up over 8% today. Citigroup raised it's earnings estimates saying it remains the top Internet radio company. Citigroup (NYSE:C) has a buy rating and a $25 price target.

Shares of AOL (NYSE:AOL) were higher on rumors of some sort of deal. And Tiffany (NYSE:TIF) stock jumped almost 10% on much better than expected 2nd quarter earnings and improved outlook.

Weighing on the minds of most traders heading into the weekend - Hurricane Irene. The massive storm is expected to hit the East Coast and especially New York City on Sunday. Despite some evacuations in the city, the NYSE Euronext and Nasdaq OMX are planning to operate as usual on Monday.

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